The gas insulated transformer market is projected to grow from USD 2.75 Billion in 2018 to USD 3.45 Billion by 2023, at a CAGR of 4.61%.
According to the new market research report "Gas Insulated Transformer Market by Type (Instrument Transformer, Others), Voltage (Medium Voltage, High Voltage, Extra High Voltage), Installation (Outdoor, Indoor), End-User (Utility, Industrial, Commercial), and Region - Global Forecast to 2023", the gas insulated transformer market is expected to grow from USD 2.75 Billion in 2018 to USD 3.45 Billion by 2023, at a CAGR of 4.61% between 2018 and 2023. The market is set to witness growth due to factors such as no risk of oil leakage and space constraints in densely populated urban areas.
government initiatives toward improving electrification rate and rising transmission & distribution investments are further expected to drive the gas insulated transformer market.
Utility segment to hold largest share of gas insulated transformer market during forecast period
The utility segment is expected to hold the largest share of the gas insulated transformer market during the forecast period.
Power utilities are major suppliers of electricity to factories, commercial establishments, and homes. The projected growth of the market for this segment market during the forecast period is attributed to the growing demand for reliable power supply and rise in urbanization that has led to increasing investments in the power infrastructure.
This is expected to lead to the development of transmission and distribution infrastructure, which, in turn, will increase the demand for gas insulated substations and installation of gas insulated transformers.
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Gas insulated transformer market for indoor installation to grow at higher CAGR during forecast period
The market for the indoor installation is expected to grow at the higher CAGR during the forecast period. Gas insulated transformers are non-flammable, non-explosive, and have compact design which makes them ideal preference for installations in underground and indoor substations in urban areas.
The increase in renewable power generation, combined with the demand for reliable power sources, and the rise in urbanization support the growth of the market for indoor installation of gas insulated transformers.
Instrument transformers to hold largest share of gas insulated transformer market during forecast period.
The instrument transformers are expected to dominate the gas insulated transformer market with the largest size and the highest CAGR during the forecast period. Instrument transformers are electrical machines that use the electromagnetic properties of alternating currents and ferromagnetic materials to produce voltage and current at different levels from those received as input.
They are mainly used for measuring, protecting, and controlling circuits in substations and switchyards. The growth of the market for instrument transformers is attributed to the refurbishment of aging power infrastructure and huge investments in smart grids and energy systems.
Asia Pacific: Key market for gas insulated transformer market during the forecast period.
In this report, the gas insulated transformer market has been analyzed with respect to four regions Asia Pacific, North America, Europe, and Rest of the World. Rest of the World includes regions such as South America, and the Middle East and Africa.
Asia Pacific is expected to account for the largest share of the global gas insulated transformer market by 2018, and this trend is projected to continue till 2023. Almost all the countries in the region are augmenting their power generation capacities.
India, China, and Indonesia are investing heavily in renewable electricity generation projects, thereby driving the growth of the gas insulated transformer market in Asia Pacific.
To provide in-depth analysis of the competitive landscape, the report includes the profiles of some of the key players in the gas insulated transformer market, which include ABB (Switzerland), GE (US), Mitsubishi Electric (Japan), Siemens (Germany), Toshiba (Japan), and Arteche (Spain).
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